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Mayor of London announces Paris-London Business Welcome programme

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A new Paris-London partnership announced a day ahead of triggering Article 50

Just one day before the triggering of Article 50, Mayor of London Sadiq Khan, and the Mayor of Paris, Anne Hidalgo, have announced a new agreement between Paris and London, aimed at supporting start ups.

The Paris-London Business Welcome programme will aid growing companies to jointly domicile in the two cities, with help to set up including accessing co-working space, local tech ecosystems and discounts on accommodation. Eurostar have committed to providing preferential rates on their services to entrepreneurs.

The programme will also jointly showcase the two cities to overseas investors.

The announcement comes just over seven months after Khan’s deputy mayor for business Rajesh Agrawal revealed that talks on collaborative deals between the two capitals were underway.

JOINING FORCES

Announcing the deal today alongside Paris mayor Anne Hidalgo, Khan said: “London and Paris are two of the greatest cities in the world and we have so much to gain from joining forces.

“Never underestimate the incredible benefits to be found when major cities do business together. Our great friends in Paris and across the continent are well aware that working closely together remains to our mutual benefit.”

The Mayor of Paris, Anne Hidalgo, said: “Paris and London share common values and willpower. We want to be attractive to companies all over the world. Since the election of Sadiq, our two cities have been working better together. We are developing new exchanges and new projects. All these initiatives will create employment, activity and economic growth. It is a very positive dynamic that the Brexit will not change.”

The announcement was made as  part of Khan’s visit to Paris and Brussels, with the London mayor meeting European parliament president Antonio Tajani and European commission president Jean Claude-Juncker today.

As part of the Mayor’s International Business Programme, Sadiq was accompanied on the Paris visit by a trade delegation of 15 fast growing London companies. The companies had the opportunity to showcase their innovations, meet with top investors and explore export opportunities in Paris.

 

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‘Third parliament of austerity’ on horizon – IFS

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Austerity will last until into the 2020s, with economic growth and pay-rise levels remaining stagnant, according to the Institute for Fiscal Studies’ budget commentary.
The think-tank’s response to yesterday’s budget delivered by Chancellor of the Exchequer Philip Hammond pulled few punches on the state of the UK economy.
“On the public finances the OBR made by far its biggest ever revision to forecasts between Autumn and Spring for the current financial year,” said IFS director Paul Johnson. “In November it thought we would be borrowing £68 billion this year. It now thinks we will be borrowing just £52 billion. Yet it has barely changed its forecasts for future years. We remain on course to be borrowing about £20 billion in 2020 – that’s £30 billion more than intended a year ago. That leaves a lot of work to do in the next parliament to get to the planned budget balance. It looks like being, I’m afraid, a third parliament of austerity.”
Johnson also argued that the UK has had what amounts to “a decade without growth”, with GDP per capita rising by only 2% since 2008.

“Income and earnings growth over the next few years still look like being weak,” he said. “On current forecasts average earnings will be no higher in 2022 than they were in 2007. Fifteen years without a pay rise. I’m rather lost for superlatives. This is completely unprecedented.”